Your home’s value is essentially what buyers in the market are willing to pay to purchase your home. Market values fluctuate based on market conditions and are impacted by many factors. Currently, we are in an inflated market and home values are on the upswing. It is a sellers market and if you are considering selling, there are a few simple things you can do to maximize the amount you can get in the sale of your home. One of the easiest things you can do to increase the value of your home is a fresh coat of paint. Whether you hire professional painters or plan to paint yourself, this is a very cost effective way to get the most out of the sale and the ROI you will receive will be well worth the expense and/or hassle.
Curb Appeal Matters
JMA Painters, your local professional painters, often discusses the power a fresh coat of exterior paint has on curb appeal in the commercial sector. Simply painting the exterior of your business can increase sales, increase walk in traffic, and completely change customers’ perception of you and your brand. This concept also holds true in the residential sector. A fresh coat of paint on the exterior of your home brings it to life, making it stand out amongst surrounding homes. A great way to grab the attention of buyers in the market is to boost your curb appeal. The quickest way to increase curb appeal is a simple exterior paint job. (Simply google “exterior painters near me” to find a list of good ones, or contact JMA Painters for your free quote).
Most home buyers are looking for “move in ready” homes. Small things like nicks in the walls, peeling paint, and stains on ceilings can create a negative impression on the rest of the home. Studies show that while these things seem minor to homeowners, a buyer perceives that the rest of the property is also not properly maintained, thus the home is devalued in their perception. Painting the exterior of your home will get more people in the door, but you should also paint the interior to keep them there and make the best impression possible. A 2012 study shows that painting the interior of your home prior to listing it on the market can have up to 107% ROI.
Did you know that certain colors sell better than others? When painting your home for the purpose of listing it on the market, do your homework on what colors are currently selling best. Do your best to remain neutral in your opinions of what looks good – afterall, you’re not painting for you, you’re painting for the value to increase. For example, bold and bright colors are off putting to buyers while light blue bathrooms can justify a price increase of several thousand dollars. Perception is everything and colors directly impact the way things are perceived.
In summary, the answer to the question “Can fresh paint improve home value?”, the answer is absolutely yes. Realtors highly recommend you paint both the interior and exterior of your home prior to having it listed on the market. If you are not up to the painting project yourself, look into hiring professional painters to handle the job for you. The cost of the paint job will be given straight back to you through the increased sale of your home. If you are looking for an interior or exterior residential painter, contact JMA Painters for your free quote today.